When do I exchange 26k worth of Euros into Pounds?

[seismic22]

As per the title, I have been gifted £26,000 of Euros as an early inheritance due to French Business legalities.

I don't own a house and could do with utilizing some of the money to pay of a relatively small amount of debt and also invest a couple of thousand in a very small part time business venture I run.

Problem is the exchange rate.

Do people believe I should sit on them and wait it out in the thought the Euro cannot go any lower or best to transfer now and limit any further losses from the euro worsening and make the most of the cash now, increasing its value through interest and investment in the UK?

This really isn't my area of expertise but I am trying to be as sensible as possible.

Thanks

[seismic22]

Ok, thanks for everything so far! Any more opinions welcome.

Say I do transfer this cash, what would be the best way? Something like RationalFX?

Thanks

[seismic22]

As said above, I was never considering gambling any money on the GBP VS Euro so after yesterday I was leaning towards cashing in in £££. After todays events I'm again not so sure.

Opinions?

[seismic22]

Haven't cashed in yet. Still considering what to do but have definitely taken all advice above on board so thanks for that.

Only point of note is that I felt all the noise about last thursday was getting abit silly and so actively decided not to cash in then meaning I saved £250+. Thats probably plenty of gambling for me though as I have done a little dabbling with shares in past and the little gains I grossed were not enough for the stress it caused me!

[seismic22]

rdjohn said:

Curious to know if OP is still holding?

Still holding and have decided to hold for a little longer. My exceptionally limited knowledge suggests china might be having a positive effect on the value of the Euro.

So far holding has worked.

[seismic22]

walm said:

It has to have a MORE positive effect on the Euro than on the Pound.

Thanks.

[seismic22]

ChrisCanning_Argentex said:

Hi,

I have been asked to join this forum and give my opinions on a growing number of FX related questions.

In regards to Seismic's question - if you have €26k then my advice would be 'sooner rather than later'. In the past month the rates have been as high as 1.43 (which would buy you GBP £18,181.82). The rates are now around 1.36 (which would buy you £19,117.65). That is almost an extra £1k in your pocket.

You may argue that the rates will continue to move in your favour - true - this is possible. However, when I speak to my clients I never advise them to aim for the very top/bottom of the market as this is rarely achieved.

GBP/EUR rates are still expected to climb higher - through 1.40 and back towards 1.50 in the coming months.

Do let me know if would like any further information / help. Also - if market forecasts would be useful then let me know...

Chris Canning.

Edited by ChrisCanning_Argentex on Wednesday 2nd September 12:03

Great advice. Thank you very much. I might have to give you a call.